Peter Beutel
Peter Beutel
across board draws reason report
Yesterday's report showed draws across the board and for some reason it didn't take.
additional aggressive agree almost attention build change company focused good hoops jump margins news ramp storm
The only good news is that with margins like this, every refiner that can will ramp up output. There may be a long-term change because this storm has focused attention on the need for additional refineries. An aggressive company may agree to jump through the hoops to build the first new refinery in almost 30 years.
billion consumers energy last nearly spent three week
American consumers spent nearly $10 billion more last week on energy than they did in the same week three years ago. That's not sustainable.
barrels million production raise
They would have to raise production by more than a million barrels a day to get it down to $25,
dropping prices
I think that's going to keep (gasoline and oil) prices from dropping dramatically.
drop factors higher middle move nigerian number october production time
Still, the middle of October is the time for us to look at a top. A number of fundamentals that used to move higher are getting pretty stale. The drop in production from the U.S. Gulf, the Nigerian strike, a lot of these factors aren't getting any worse.
cents labor prices
By Labor Day weekend, prices will be up 20 cents to 50 cents a gallon,
potential seen tremendous
There's tremendous potential for spikes we've never seen before.
nervous
It's a combination of petro-political fears. It's such a nervous market.
rendezvous seems
It seems like we're going to have to rendezvous with the $50 level.
problems seems supply
One of the big problems is that it seems there's no supply to see us through the end of the year.
demand fall moves seat supply
If demand is not going to fall and keep on falling, then supply moves back into the driver's seat in this market.
concerned cut demand drop hawks number second threats
OPEC hawks are still concerned that demand could drop dramatically during the second quarter. But with there being a number of threats to supplies, the cartel did not feel it made sense to cut output.
cause deal extremely gas great looks offshore oil potential powerful producing regions storm threaten unlikely
It is a powerful storm with the potential to cause a great deal of damage, but it looks extremely unlikely that this storm will threaten the offshore oil and gas producing regions of the Gulf.